OpenLegislation

Regulation 3 Annual accounting scheme

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The Commissioners may, subject to these Regulations, authorise a taxable person to account for tax in accordance with a scheme (hereinafter referred to as“the scheme”) by which he—

(a)

pays by direct debit on his bank account in nine equal monthly instalments commencing on the last day of the fourth month of his current accounting year 90 per cent of his liability for tax as estimated by the Commissioners for that current account year; and

(b)

furnishes by the last day of the second month following the end of that current accounting year a return in respect of that year, together with any outstanding payment due to the Commissioners in respect of his liability for tax declared on that return.